Oil prices ended lower on Friday, amid uncertainties in the market about the prices for russian oil or the decision that Opec+ will adopt in a few days.
(Read: A new chapter between the US and Venezuela: they ease sanctions).
North Sea Brent for January delivery thus closed with a fall of 2.08% to 83.63 dollars, in London. Meanwhile, US WTI crude fell 2.12% to $76.28.
For Phil Flynn, of Price Futures Group, black gold suffered from a review of weather forecasts in the United States, which predict less cold than expected in the northern hemisphere.
The operators closely follow the evolution of the situation in China, where the National Health Commission (NHC) revealed more than 32,000 new cases of coronavirus in one daya record since the pandemic began.
The confinements “will weigh heavily on economic activity and, therefore, on demand” of crude oil, Oanda’s Craig Erlam warned in a note. In addition to what happens with the project promoted by the United States to put a ceiling on the price of Russian oil, traders await the meeting of OPEC and its allies within OPEC+ on December 4.
The European Union has had difficulties to agree on how strict the price cap for Russian crude should be. European diplomats suspended talks on a proposal for a price cap of around $65 a barrel on Friday. Disagreements over the price level continued and the talks were postponed until this week.
(Keep reading: US gives Chevron go-ahead to resume mining in Venezuela.)
For his part, President Vladimir Putin warned last week of “serious consequences” if Western powers introduce restrictions on the price of oil from Russia.
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